Northern Star MD, chairman dump shares

Up to 37 million shares in
Northern Star Resource
s are being sold via an accelerated block trade. The deal is worth as much as $51.8 million and represents an 8.7 per cent stake in the fledgling gold miner.

Morgan Stanley is managing the block trade on behalf of NST chairman
Christopher Rowe
, managing director William James Beament and non-executive director George Fotios. It is not known why the trio have decided to sell down their stakes.

The shares are on offer in a $1.35 to $1.40 range, which is an 8.5 to 11.8 per cent discount to the last close of $1.53 and a 9.3 per cent to 12.5 per cent discount to the 5-day VWAP of $1.54.

Northern Star’s performance over the past year has been nothing short of spectacular. It is one of the few gold equities that have outperformed the physical commodity with its share price up around 95 per cent for the past 12 months.

Earlier this month, the company uncovered what could be a significant gold deposit. Management said initial results indicated the new Gabbro deposit could rival the existing Paulsens orebody.